Finance and InsuranceGreater China
CSSC Shipping secures $116.8m financing for ship acquisitions
CSSC Shipping, the financial leasing unit of China State Shipbuilding Corporation, has announced that the company has entered into an agreement with an unnamed bank to secure up to $116.8m loan facility.
The facility, which will be repaid in 10 years, will be used to finance the acquisition cost of four vessels.
In March, CSSC Shipping entered into a sale and leaseback agreement with South Korean owner Sinokor for four 1,080 teu newbuild containerships.
CSSC Shipping currently owns a fleet of over 50 vessels with another 20 on the orderbook.